[Rushtalk] Puerto Rico Crisis

Tom Matiska tom.matiska at att.net
Mon Jun 13 11:26:35 MDT 2016


Has anybody proposed Puerto Rico residents no longer be exempt from Federal Personal Income Tax??   I'd feel better about sharing their debt burden if the were sharing our tax burden.   Tom 

    On Monday, June 13, 2016 11:58 AM, Dennis Putnam <dap1 at bellsouth.net> wrote:
 

   The house did its job but I bet it either stalls in the Senate or is vetoed. HOUSE PASSES BIPARTISAN PUERTO RICO REFORM AND REORGANIZATION BILL  This past Thursday, the House rejected a taxpayer-funded bailout of Puerto Rico and approved a conservative response to the decades of failed liberal policies that have destabilized Puerto Rico and saddled it with more than $70 billion in debt. The legislation, H.R. 5278, the “Puerto Rico Oversight, Management, and Economic Stability Act,” puts in place a strong oversight board to impose fiscal responsibility and balanced budgets on the leaders of the U.S. territory. The Board is also empowered to institute government and economic reforms that will promote growth on the island, which has been locked in an economic recession since 2006 and has an unemployment rate above 12%. Additionally, the Board can oversee a debt restructuring process should voluntary negotiations with creditors completely break down. What’s most important to you and me, however, is that the bill specifically prevents any federal funds from being used to pay any debt owed by Puerto Rico. While it’s necessary for Congress to intervene in order to prevent a crisis on an island that 3.5 million Americans call home, I’m pleased that we were able to advance a conservative solution that does not call on taxpayers to foot the bill for the fiscally irresponsible actions of the Puerto Rican government. If by some miracle it does become law expect it to be loaded up with liberals and succeed in only making it worse. Am I being too cynical?
  
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       On Monday, June 13, 2016 11:58 AM, Dennis Putnam <dap1 at bellsouth.net> wrote:
 

   The house did its job but I bet it either stalls in the Senate or is vetoed. HOUSE PASSES BIPARTISAN PUERTO RICO REFORM AND REORGANIZATION BILL  This past Thursday, the House rejected a taxpayer-funded bailout of Puerto Rico and approved a conservative response to the decades of failed liberal policies that have destabilized Puerto Rico and saddled it with more than $70 billion in debt. The legislation, H.R. 5278, the “Puerto Rico Oversight, Management, and Economic Stability Act,” puts in place a strong oversight board to impose fiscal responsibility and balanced budgets on the leaders of the U.S. territory. The Board is also empowered to institute government and economic reforms that will promote growth on the island, which has been locked in an economic recession since 2006 and has an unemployment rate above 12%. Additionally, the Board can oversee a debt restructuring process should voluntary negotiations with creditors completely break down. What’s most important to you and me, however, is that the bill specifically prevents any federal funds from being used to pay any debt owed by Puerto Rico. While it’s necessary for Congress to intervene in order to prevent a crisis on an island that 3.5 million Americans call home, I’m pleased that we were able to advance a conservative solution that does not call on taxpayers to foot the bill for the fiscally irresponsible actions of the Puerto Rican government. If by some miracle it does become law expect it to be loaded up with liberals and succeed in only making it worse. Am I being too cynical?
  
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